How Shiba Inu’s TREAT is fueling trouble for its community
- Scammers gave themselves a TREAT by exploiting gullible memecoin holders again, lol
- SHIB’s reputation remains unaffected since most folks still consider it a joke, just not a good one
Congratulations, Shiba Inu! Your ecosystem has gained some traction over the last few months. However, as much as you’d like to blow your trumpet, this traction had little to do with anything the network did. Instead, thank NFTs and DEXs.
In for a treat
That doesn’t mean everyone can’t benefit though. In fact, rising interest in SHIB is helping out bad actors too. Specifically, those who have exploited the hype around TREAT to give themselves, well, a treat. For context, TREAT is a token set to join the Shiba Inu Ecosystem with various functions, including enhancing liquidity for the SHI Stablecoin.
Yes, a SHI stablecoin. Within a memecoin’s ecosystem. Funny how the crypto-market likes to mix and match, right? Like a kid playing with water colours.
Anyways, it will take over from BONE as the reward token for ShibSwap (DEX) and extend rewards to the Metaverse and the blockchain iteration of the Shiba Collectible Card Game(NFT collection). Take over because that’s what everyone does, right? Repackaging old stuff to look all fancy and shiny. Like Cristiano Ronaldo with a Botox job.
As it turns out, scammers have been preying on folks who think TREAT has already been released, folks who probably think DYOR is the bootleg version of Dior.
⚠️ Shiba Ecosystem's $TREAT has not been officially released.
Be wary of malicious groups attempting deception.
— Shibarmy Scam Alerts (@susbarium) January 31, 2024
The misinformation and fraudulent activities surrounding the perceived release of the TREAT token could have detrimental effects on SHIB.
Firs of all, the confusion and false expectations generated by these scams may erode trust among the Shiba Inu community, potentially leading to a decline in confidence and credibility (I mean, it’s a memecoin. Why were people confident in it in the first place?).
Moreover, victims of these phishing attacks may suffer financial losses, impacting their ability and willingness to engage with the broader Shiba Inu ecosystem. Including holding or trading SHIB tokens. Now, I wish I could sympathise here, but let’s face it – If you don’t DYOR after spending the year stanning funny looking dogs and To the Moon memes, you probably deserve some ear pulling. Not a consolatory pat on the back.
The negative publicity stemming from the scams could also deter new investors and participants from entering the Shiba Inu community, hindering potential gro- *cough.* Lol, sorry. I honestly thought I could finish that sentence without any hiccups.
Now, there are some who believe such incidents can attract regulatory scrutiny, negatively affecting SHIB’s market dynamics. But, let’s face it. Who are we kidding? Have we ever seen government agencies stand up for the little guy and support ‘dumb money?’ No. If anything, such incidents are regulators’ dream come true. Senator Elizabeth Warren is probably laughing about that while at her dentist appointment.
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State of SHIB
At press time, SHIB was trading at $0.000008888 and its price had fallen by 1.49% in the last 24 hours. The network growth of SHIB fell significantly, showcasing that interest from new addresses in SHIB had massively declined. Maybe the latest dogs on the Internet aren’t as cute or funny, I dunno.
Moreover, the velocity at which the token was trading also dropped, indicating that new addresses have lost interest in the token.
Maybe it’s time to call the big guns and get the one man to fix it all. Hey Elon, you busy? The Shiba Inu community needs you to tweet again. Wait, is tweet even the right verb here? Nevermind. Fix Shiba Inu like you did